Overdraft Line of Credit
Get peace of mind with our Overdraft Line of Credit
How does the Overdraft Line of Credit work?
The Overdraft Line of Credit is attached to your checking account. When funds are not available in your checking account to cover a check, debit or withdrawal, the Overdraft Line of Credit will automatically advance funds to your checking account to cover the amount overdrawn. Then the transaction will clear your account.
Overdraft LOCs are a convenience! The interest you pay on the Overdraft Line of Credit is significantly less than overdraft fees and a cheaper alternative than payday loans. Plus, you can avoid the embarrassment and devastating consequences that can come from bouncing checks.
What will my rate and payment be? The Overdraft Line of Credit approval and limit is based on the member's credit worthiness. The interest rate is 13.90%-16.00% APR. Payments will be a minimum of $25 per month, then based on 10% of the unpaid balance rounded up to the next $5 increment.*
To find out further details on this program please contact us at (503) 239-5336.
* APR= Annual Percentage Rate. Maximum limit of $1,000. Annual fee of $12.00 charged upon opening and then annually (each January). Advance fee is $2.00 per item (no daily cap) for which an advance is made; Over drafts include checks, ACH and debit transactions. The account is overdraft only, thus members may not take advances on this account for other purposes. Current late fees apply same as other consumer loans. We may close accounts for excess usage.